Billerud makes fibre-based packaging materials, including liquid packaging board, kraft paper and containerboard, sold mainly to food and beverage converters in Europe and the Americas. The investment case rests on its sustainable, renewable-fibre substitution story against plastics, and on a cost base that has been reset after several years of mill restructuring. Revenue fell 4.0% and operating margin is slightly negative at -0.7%, so the near-term catalyst is a volume and price recovery in packaging board that would lift earnings off a depressed base. At a forward P/E of 10.7 and a 46.1% gross margin, the market is pricing in little improvement, which makes the stock worth a closer look if the mix shift toward higher-value board holds up. The thesis fails if demand stays weak and restructuring savings are absorbed by continued pricing pressure.
Plain-English pros, cons, and what to watch. Pro feature.
See what each model says, the assumptions behind it, the bad, normal and good cases, and why the fair value changed.
The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.
The full analyst picture: the price-target distribution against the current price, forward consensus estimates, and how ACCE's own models compare.
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| Date | Type | New | Previous | Price |
|---|---|---|---|---|
| 23 Oct 2026, 01:53 CEST | ACCE price target | kr 86.00 | first publication | kr 85.70 |
| 22 Oct 2026, 14:04 CEST | Fair value | kr 79.09 | first publication | kr 83.15 |
| 22 Oct 2026, 14:04 CEST | Rating | Fairly valued | first publication | kr 83.15 |
Answered from Billerud AB (publ) fundamentals + recent valuations. Every number shows its source and date.
| Company | Price | Fair value | vs fair value | P/E | ROE | Quality | Score |
|---|---|---|---|---|---|---|---|
| BILL.ST Billerud AB (publ) | kr 86.15 | kr 79 | 9% above | 91.6x | -0.1% | 43 | 44 |
| NVG.LS The Navigator Company, S.A. | €3.04 | €4 | 27% below | 19.6x | 7.9% | 56 | 45 |
| CMPC.SN Empresas CMPC | CLP 945.41 | - | - | 24.5x | 1.1% | 39 | 39 |
| SEM.LS Semapa - Sociedade de Investimento e Gestão, SGPS, S.A. | €19.20 | - | - | 146.9x | 3.6% | 56 | 49 |
| SLVM Sylvamo Corporation Common Stock | $32.44 | $70 | 54% below | 17.3x | 7.9% | 38 | 41 |
| MNDI.L Mondi plc | £7.46 | £7 | 15% above | - | -4.7% | 35 | 39 |
| 3861.T Oji Holdings Corporation | ¥830.30 | - | - | 11.8x | 6.0% | 38 | 51 |
Where BILL.ST ranks against its sector peers on each metric.